2024-04-03
OIA Launches its Social Investment Policy and a New ICV Platform (Qimam) Oman Investment Authority and its companies enhance the role of SMEs with more than OMR 200 million in 2023
Oman Investment Authority (OIA) announced the launch of its Social Investment Policy for OIA Companies as well as the launch of ‘Qimam’ platform for inquiries related to In-country Value (ICV). It also announced the second version of the mandatory list for OIA Companies. In addition, OIA Companies signed OMR 6 million worth of cooperation agreements and programs. This all builds on the success achieved by OIA in the ICV sector in line with Oman Vision 2040 targets which aim to create a substantial shift towards a knowledge-based economy, establish a stimulating environment for entrepreneurs and innovation-based companies, and foster and attract advanced technologies.
Sheikh Nasser Al-Harthy, Deputy President for Operations at Oman Investment Authority, states that OIA has taken a great interest in in-country value ever since the establishment of its ICV Directorate two years ago. In 2023, OIA focused its attention on establishing ICV governance, launching programs to support ICV, enhancing the role of SMEs, and monitoring the adherence of OIA companies to these programs. In 2024, OIA will continue its efforts, starting with the launch of its Social Investment Policy, the introduction of ‘Qimam’ platform, and the second version of the mandatory list. These efforts culminate to produce enhanced local content, empowered SMEs, and an enabled private sector. We aim through this to grow the national economy and develop a sustainable competitive market for goods and services; this is not just achieved through awarding contracts but also through enhancing and developing the role of local companies and SMEs.
Over OMR 200 million spent on SMEs
2023 numbers highlight the success of OIA and its companies in their efforts to increase local content throughout the year. Total spent on SMEs amounted to OMR 202 million, compared to OMR 187 million in 2022, showcasing a 4.5% increase. Similarly, contracts and purchasing orders received by SME cardholders rose to OMR 106.7 million, compared to OMR 67 million in 2022. OIA companies also spent OMR 42.1 million on local products and services listed on the mandatory list. The second version of the list just launched by OIA adds more than 100 products and services that must be bought locally to the original list, which initially included 103 products and services. Other ICV initiatives also witnessed good results. The vendor development program was able to accredit 24 SMEs in different sectors, including manufacturing and modern technologies. Meanwhile, the ringfencing program was able to ringfence 31 local companies in a variety of sectors. As for the research development and innovation guidelines, the outputs of the business planning technologies were implemented and 9 reports were prepared to include more than 270 challenges faced by companies which have the potential to be transformed into opportunities and economic enablers for SMEs.
A social investment policy to meet societal needs
The social investment policy aims to ensure alignment between social investment projects, the national priorities of Oman Vision 2040, and the local community's needs. The policy sets the direction for OIA Companies on social welfare projects, governance, roles and responsibilities of relevant stakeholders, and budget allocation in line with the company’s priorities and in relation to its financial status. The policy also aims to strike a balance between social investment projects and the contributions made between the sectors and the beneficiaries. It encourages synergies, collaboration, and joint efforts. Moreover, the policy highlighted sustainable and geographically diverse projects as well as balanced spending on them. Additionally, it sets clear mechanisms for budgeting and project selection. The policy, once implemented, will prompt companies to focus on sustainable projects that serve the core needs of society through a proper geographic distribution in cooperation with governors and stakeholders to ensure the benefit of the largest segment of society. ‘Qimam’ Platform
OIA launched ‘Qimam’ platform https://qimam.oia.gov.om/ to monitor all ICV-related inquiries, including Research, Development, and Innovation (RDI) projects, the mandatory list. The platform aims to facilitate communication with OIA and its companies for any inquiries they might have with regard to ICV. It also captures recommendations or any challenges SMEs are facing with OIA Companies. Additionally, it allows researchers and innovators to communicate with OIA Companies regarding RDI initiatives. Furthermore, it facilitates contact with local companies to revise the list of services and products that can be added or amended in the mandatory list.
OMR 6 million worth of agreements and programs
A number of OIA companies signed agreements which amount to over OMR 6 million to enhance social investment and support SMEs. Two accelerator programs were announced, which are the OQ Business Accelerator Program and the Asyad Business Accelerator in Logistics in cooperation with Omantel. Both programs align with OIA’s efforts to support startups and enhance the role of SMEs. OQ also signed a cooperation agreement with the Ministry of Health to establish an emergency and trauma facility in Duqm as part of its social responsibility. On the other side, Asyad signed three working contracts with three SME cardholders in different areas. Finally, Oman Airports signed six agreements in supply and airport-related ground services.